December 4, 2007 / 2:20 PM / 10 years ago

CIBC cuts prime rate to 6 percent

TORONTO (Reuters) - Canadian Imperial Bank of Commerce said on Tuesday it cut its prime lending rate to 6 percent from 6.25 percent, effective Wednesday.

<p>A Canadian Imperial Bank of Commerce (CIBC) branch is seen in Toronto November 9, 2007. REUTERS/Mark Blinch</p>

The move comes after the Bank of Canada cut its overnight interest rate by one-quarter point to 4.25 percent.

($1=$1.00 Canadian)

Reporting by Scott Anderson; Editing by Ka Yan Ng

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